Thailand's TCC said to get 3.2b euro loan for Big C buy

[HONG KONG] TCC Holding Co has obtained a 3.2 billion euro (S$4.9 billion) bridge loan to fund its acquisition of a controlling stake in Thai supermarket chain Big C Supercenter Pcl, according to people familiar with the matter.

Berli Jucker Pcl, a subsidiary of Bangkok-based conglomerate TCC, will be the borrower for the one-year loan, said the people, who asked not to be identified because the details are private. Nine banks have participated in the deal and some lenders committed up to 500 million euros apiece, they said. A drawdown of the facility will likely take place by the end of this month, the people said.

TCC, controlled by Thai billionaire Charoen Sirivadhanabhakdi, last month agreed to purchase for 3.1 billion euros the 58.6 per cent stake in Bangkok-listed Big C owned by French retailer Casino Guichard-Perrachon SA. TCC is also in talks with several local banks for an additional facility in Thai baht to fund a tender offer it's made for the remaining 41.4 per cent of Big C shares, according to the people.

The acquisition price for the remaining shares won't exceed 86.5 billion baht (S$3.4 billion), according to a Berli Jucker statement on March 4. Two calls to Berli Jucker's public relations department seeking comment went unanswered, and two calls to TCC Holding's general number also weren't answered.

BLOOMBERG